Update on Oil and Gas Discovery by PPL at Hala Block…. PPL has just announced a modest oil and gas discovery at Hala Block (Adam X-1). As per the initial Drill Stem Test (DST) production flow from the field indicate gas production of 14.3 MMCFD and oil production of 125 BPD. PPL is the operator of the block with the working stake of 65% while MARI owns 35% stake in the block. As per our calculation the discovery will have an annualized EPS impact of PKR 0.45/share on PPL from FY15 onwards. The discovery marks a third discovery by PPL during last two months as on…. • 2nd May, 2013, ENI has announced gas discovery at Lundali-1 (Sukhpur Block). The initial test results show gas production of ~30mmcfd from the field. PPL owns 30% stake in the block and the discovery will have an annualized EPS impact of PKR 0.38 on the company. • 19th June, 2013, PPL has announced oil and gas discovery at Gambat South Block. The initial test results show oil and gas production of 144bpd and 16.8mmcfd from the field namely Wafiq X-1. PPL owns 65% stake in the block and the discovery will have an annualized EPS impact of PKR 0.53 on the company. • 28th June, 2013, PPL has announced another oil and gas discovery at Hala Block. The initial test results show oil and gas production of 125bpd and 14.3mmcfd from the field (Adam X1). PPL owns 65% stake in the block and the discovery will have an annualized EPS impact of PKR 0.45 on the company Recommendation We maintain our buy Stance on PPL with TP of PKR 265
Posted on: Fri, 28 Jun 2013 05:06:45 +0000
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